In Colombia, chimbo means a man's penis. However, in Cali, both chimbo and chimba can mean the same thing, although in Medellin and other paisa sectors chimba means a woman's vagina.
Also chimbo can be used as a synonim of lame.

That girl walked closed to me and felt my chimbo. My chimbo itches. I'll do that if you grab my chimbo.
Don't be a chimbo. That guy had an extra pencil and didn't let me borrow it, what a chimbo.